Bleeding Edge postscript news

[Mark Kohut]

I love "despite a rout in valuations" as if the standard play is not to buy
after new lows believing the solid stocks will rise again.

On Sat, Aug 20, 2022 at 8:10 PM Joseph Tracy <brook7 at sover.net> wrote:

> Guess those middle easterners tucked away in Grab Real Ice’s tech machine
> are sending messages back to the Kingdom on investment strategies for what
> they call a post oil future. How these bisinesses will run without fuel may
> be the next bleeding edge of the futures market. ( JT)
>
> Bin Salman Buys American <
> https://substack.com/redirect/ef25941f-bf83-49f6-a3d4-35e6c4b580b6?r=4ueud>
> Just after a PR fiasco of a presidential trip to Saudi Arabia and the
> approval of a controversial weapons sale by America to its Saudi allies,
> the kingdom made an aggressive move to buy a bigger share of American
> commerce. In a replay of a strategy employed by the Saudi sovereign wealth
> fund earlier in the pandemic, the Public Investment Fund, chaired by Prince
> Mohammed bin Salman, bought $7 billion worth of stock in American companies
> like Starbucks, Microsoft, BlackRock, Amazon, JP Morgan Chase, Zoom, and
> others. “The PIF, as the fund is known, is doubling down on its bet on
> technology investments despite a rout in valuations,” is how Bloomberg put
> it. The Saudis have a goal of doubling fund assets by 2025 and reaching $2
> trillion by 2030, and are riding a surge in crude oil prices, which
> reportedly will deliver the kingdom its first budget surplus in a decade.
> Saudi purchases of everything from the Newcastle soccer team to stakes in
> Activision Blizzard and electric carmaker Lucid Motors are part of a plan
> called Vision 2030, which is designed to help the biggest crude-exporting
> state prepare for a “post-oil future <
> https://substack.com/redirect/3756701b-580e-4c72-a23d-cc7d80983f54?r=4ueud>,”
> and collapsing stock market valuations are providing an opportunity to
> increase the Saudi stake in America.  ( Matt Taibbi’s weekly news roundup)
> --
> Pynchon-L: https://waste.org/mailman/listinfo/pynchon-l
>